Professional
Added to YB: 2026-06-01
Pitch date: 2026-05-28
SE [neutral]
Sea Limited
Author Info
Hayden Capital is an investment firm that follows a research-intensive, concentrated strategy. We travel the world, seeking to invest in growing businesses run by world-class founders. Sign up for the newsletter.
Company Info
Sea Limited, through its subsidiaries, operates as a technology company in Southeast Asia, Latin America, the rest of Asia, and internationally.
Market Cap
$56.3B
Pitch Price
N/A
Price Target
N/A
Dividend
N/A
EV/EBITDA
16.60
P/E
36.20
EV/Sales
1.96
Sector
Broadline Retail
Category
growth
Hayden Capital Portfolio Holding: Sea Limited
SE (holding update): Shares -20% despite stronger biz. $4.5B FCF '25 (+160%), 10% yield, EPS +150% est over 3yrs, GMV accel to +30% y/y. Cheapest multiple since '23. TikTok Shop fears overblown (decel to 40% y/y). Shopee VIP/logistics reinvestment mirrors Amazon Prime/FBA '05-'07 flywheel; VIP 10M members drive 20% GMV. Bull: reinvestment vs defensive-spend scenario = durable +growth, margins to 2-3% EBITDA/GMV. Risk: near-term earnings revisions halved.
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